Business
Canlan reports second quarter 2010 financial results
Canlan reports second quarter 2010 financial results
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"\n\n\n\n Aug. 6, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nBURNABY, BC, Aug. 6 /CNW/ - Canlan Ice Sports Corp., industry-leading providers of on-ice experiences to youth and adults across North America, today announced its financial results for the three- and six-month periods ended June 30, 2010.\n\n\n >\n\n\n"Although impacted by the continued ramp-up of new facilities we launched as part of our targeted expansion into select U.S. markets, we are very encouraged by our Q2 results," said Joey St-Aubin, President and CEO of Canlan Ice Sports. "Excluding the performance of our Fort Wayne facility, which is still in a start-up mode, we experienced improvements across a number of financial and operational metrics, including higher same store revenue, EBITA and internal programming registrations."\n\n\n >\n\n\nQ2 2010 Operational and Financial Highlights\n\n\n >\n\n\nReview of Financial Results\n\nCanlan reported consolidated revenue of $15.7 million for the three-month period ended June 30, up 7.8% from $14.6 million for the corresponding period of 2009. Same store revenue in Q2 2010 grew by 5.6% or $822,000 over Q2 2009. The growth was principally due to increased ice sales and internal program registrations, including registrations for the Adult Safe Hockey League, which grew by $353,000, as well as to an increase in revenue from food and beverage operations by $139,000.\nOn a year-to-date basis, Canlan generated consolidated revenue of $35.6 million for FY2010, up 4.6% from $34 million for FY2009. On a same store basis, revenue increased 3.1%.\nCanlan derives its revenue from the rental of its playing surfaces, registrations for internal programming, food and beverage sales, sports stores sales, tournament registrations, management and consulting fees and other related fees. Given the seasonality of its operations, Canlan's revenue is at its highest in first and fourth quarters, periods when the Company's Adu...